USD/CAD Forecast December 18, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Thursday, showing quite a bit of bullish pressure yet again. We broke above the top of the shooting star like candle from Wednesday, and that of course is a bullish sign. However, we are very close to the 1.40 level, an area that we would anticipate seeing quite a bit of psychological resistance. That pullbacks should be a buying opportunity though, so having said that we are simply waiting for a pullback in order to take advantage of value in the US dollar. Oil markets certainly do not support the Canadian dollar right now, and as a result we continue to look at this market as one that is very bullish and have no interest in selling.